2 Problems: a) unemployment & tax collapse and b) bailout of the banks. Both a) & b) caused the figures above along with c) no spending by people in massive negative equity just about ‘hanging on’.

The ECB (Trichet) forced Ireland to bail out Anglo Irish Bank which was not systemically important in order to get Deutche Bank’s & BNP Paribas money back.

The ECB did not ask Latvia to bail out “Latvijas KrajBanka” (LKB) which was allowed to go bankrupt in 2011 because there was no German money in it. The ECB still allowed Latvia to join the Euro (JAN2014) commending their low debt rate.

The massive debt spiral then increased as taxes are increased to fund the debt but because of a collapse in disposable income spending collapses, tax revenues decline, and unemployment costs increase.

]]><p>“Why Ireland is Buried under Debt”<br />
The ECB is responsible for the Eurozone area and banking regulation. The ECB failed to regulate banks. The Commodities Futures Modernization Act 2000 (USA) and the repeal of the Glas Stegall Act 1999 (USA) legalized dodgy banking practices. Larry Summers & Timothy Geithner (USA) ensured these practices were exported to other regions including the Eurozone via the W.T.O. Financial Services Negotiations 1). Result: an inter-connected world of dodgy banker paper, seruritization of people’s homes, re-selling of mortgages many times over (re-hypothecation), CDO’s etc etc. A race between banks for short term profit exposing home owners to risk as the banks took more and more risk driving up house prices creating the property bubble which burst. Result: negative equity & complete collapse in the construction industry-which is needed.</p>
<p>2 Problems: a) unemployment & tax collapse and b) bailout of the banks. Both a) & b) caused the figures above along with c) no spending by people in massive negative equity just about ‘hanging on’. </p>
<p>The ECB (Trichet) forced Ireland to bail out Anglo Irish Bank which was not systemically important in order to get Deutche Bank’s & BNP Paribas money back. </p>
<p>The ECB did not ask Latvia to bail out “Latvijas KrajBanka” (LKB) which was allowed to go bankrupt in 2011 because there was no German money in it. The ECB still allowed Latvia to join the Euro (JAN2014) commending their low debt rate.</p>
<p>The massive debt spiral then increased as taxes are increased to fund the debt but because of a collapse in disposable income spending collapses, tax revenues decline, and unemployment costs increase.</p>
<p>1) <a href="http://m.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo" rel="nofollow">http://m.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo</a></p>
http://www.thejournal.ie/profile/90896/this-disasterous-level-debt-result-policies-persued-fianna-1630737/
richardmccarthy2013-09-26http://www.thejournal.ie/profile/90896/this-disasterous-level-debt-result-policies-persued-fianna-1630737/This disasterous level of debt is the result of policies persued by Fianna Fail while in government,they then rewarded themselves with massive pensions that they themselves approved under the benchmarking scam of public funds,150.000 euro per year pension for the rest of his life,thats the bill that Berti has left the Irish taxpayers for ruining this country.
]]><p>This disasterous level of debt is the result of policies persued by Fianna Fail while in government,they then rewarded themselves with massive pensions that they themselves approved under the benchmarking scam of public funds,150.000 euro per year pension for the rest of his life,thats the bill that Berti has left the Irish taxpayers for ruining this country.</p>
http://www.thejournal.ie/profile/1469/did-forget-huge-pension-liability-state-and-i-1630721/
Conor Gallagher2013-09-26http://www.thejournal.ie/profile/1469/did-forget-huge-pension-liability-state-and-i-1630721/Did it forget the huge Pension Liability that the State has? (And I presume on the assets side, it ignored the state’s oil resources since it intends to just give it away).
]]><p>Did it forget the huge Pension Liability that the State has? (And I presume on the assets side, it ignored the state’s oil resources since it intends to just give it away).</p>
http://www.thejournal.ie/profile/101282/but-graph-says-mmm-pie-it-pie-always-1630649/
Emilio2013-09-26http://www.thejournal.ie/profile/101282/but-graph-says-mmm-pie-it-pie-always-1630649/But the graph says Mmm – pie! It has to be good, right? Pie is ALWAYS good!?
]]><p>But the graph says Mmm – pie! It has to be good, right? Pie is ALWAYS good!?</p>
http://www.thejournal.ie/profile/71134/any-chance-quid-pro-quo-troika-sticking-1630500/
Fergal Reid2013-09-26http://www.thejournal.ie/profile/71134/any-chance-quid-pro-quo-troika-sticking-1630500/Any chance of a quid pro quo with the troika for sticking to their 3.1bn target?
]]><p>Any chance of a quid pro quo with the troika for sticking to their 3.1bn target?</p>
http://www.thejournal.ie/profile/67348/so-years-austerity-worse-govt-told-rotten-german-1631133/
Jim Flavin2013-09-26http://www.thejournal.ie/profile/67348/so-years-austerity-worse-govt-told-rotten-german-1631133/So after 5 years of Austerity – we are worse off , and the govt still do as they are told – to get the rotten German and Irish capitalists their money back

”While in 2007 our liabilities were made up primarily of short-term debt and bonds, that type of liability is much less of the overall pie now as we can’t access funding from the normal lending markets in the way we used to.”
-
- Is this because of the rating agencies who have no credibility anyway
”the American corporate ratings agencies, which “downgraded” Greece to “junk”. These same agencies gave triple-A ratings to billions of dollars in so-called sub-prime mortgage securities and so precipitated the economic collapse in 2008.”
the whole thing is a monopoly game played by the big capitalists and the Plebs put up with it .
But there is no getting away from fact – that Germany rules this country .
.

]]><p>So after 5 years of Austerity – we are worse off , and the govt still do as they are told – to get the rotten German and Irish capitalists their money back </p>
<p>”While in 2007 our liabilities were made up primarily of short-term debt and bonds, that type of liability is much less of the overall pie now as we can’t access funding from the normal lending markets in the way we used to.”<br />
-<br />
- Is this because of the rating agencies who have no credibility anyway<br />
”the American corporate ratings agencies, which “downgraded” Greece to “junk”. These same agencies gave triple-A ratings to billions of dollars in so-called sub-prime mortgage securities and so precipitated the economic collapse in 2008.”<br />
the whole thing is a monopoly game played by the big capitalists and the Plebs put up with it .<br />
But there is no getting away from fact – that Germany rules this country .<br />
.</p>
http://www.thejournal.ie/profile/5103/governments-liabilities-mean-irish-peoples-liabilities-government-turned-1631393/
Ed Appleby2013-09-26http://www.thejournal.ie/profile/5103/governments-liabilities-mean-irish-peoples-liabilities-government-turned-1631393/“government’s liabilities ” you mean the ‘Irish people’s liabilities’ since the last government turned the banks debts into sovereign debts that landed the people of Ireland with the debts. Governments come and go, the current instalment of chancers will give way to another bunch in a couple of years and the merry-go-round will continue, one thing that won’t change is the fact that, unlike the parasite politicians, the debts are not going to go away with big fat tax payer funded pensions. Those debts are there for your kids and your grandkids to pay for long into the future. They will be paying back debts that they had nothing to do with whilst the ones who actually caused the disaster in the first place are sat back laughing their heads off as the quaff champagne in sunnier climes and safe in the knowledge that in the republic of no accountability they are untouchable.
]]><p>“government’s liabilities ” you mean the ‘Irish people’s liabilities’ since the last government turned the banks debts into sovereign debts that landed the people of Ireland with the debts. Governments come and go, the current instalment of chancers will give way to another bunch in a couple of years and the merry-go-round will continue, one thing that won’t change is the fact that, unlike the parasite politicians, the debts are not going to go away with big fat tax payer funded pensions. Those debts are there for your kids and your grandkids to pay for long into the future. They will be paying back debts that they had nothing to do with whilst the ones who actually caused the disaster in the first place are sat back laughing their heads off as the quaff champagne in sunnier climes and safe in the knowledge that in the republic of no accountability they are untouchable.</p>
http://www.thejournal.ie/profile/86896/just-wondering-supposed-information-cry-isps-ireland-debt-1630725/
Connaughtabu2013-09-26http://www.thejournal.ie/profile/86896/just-wondering-supposed-information-cry-isps-ireland-debt-1630725/Just wondering what we are supposed to do with this information, other than cry that is?

]]><p>Just wondering what we are supposed to do with this information, other than cry that is?</p>
<p>ps: Ireland Debt Clock is way behind (<a href="http://www.financedublin.com/debtclock.php" rel="nofollow">http://www.financedublin.com/debtclock.php</a>)!!</p>
http://www.thejournal.ie/profile/10776/billion-debt-quick-someone-send-government-pip-1631050/
Kerry Blake2013-09-26http://www.thejournal.ie/profile/10776/billion-debt-quick-someone-send-government-pip-1631050/€208 billion in debt quick someone send the government a PIP number. They need it.
]]><p>€208 billion in debt quick someone send the government a PIP number. They need it.</p>
http://www.thejournal.ie/profile/99843/yet-people-shout-austeritystaggering-level-debt-country-dont-1632085/
Martin Jones2013-09-26http://www.thejournal.ie/profile/99843/yet-people-shout-austeritystaggering-level-debt-country-dont-1632085/Yet people still shout for no more austerity,staggering level of debt for such a small country and we don’t even have military spending to blame this on.
]]><p>Yet people still shout for no more austerity,staggering level of debt for such a small country and we don’t even have military spending to blame this on.</p>
http://www.thejournal.ie/profile/131177/now-info-shiners-the-shower-fcd-country-present-1633497/
Seanjohn O Connor2013-09-26http://www.thejournal.ie/profile/131177/now-info-shiners-the-shower-fcd-country-present-1633497/Now this is very good info for the shiners The other shower f’cd the country & the present shower have just added more debt & put us. In the biggest rescission 20 years .
Who in gods name is going to save us .
]]><p>Now this is very good info for the shiners The other shower f’cd the country & the present shower have just added more debt & put us. In the biggest rescission 20 years .<br />
Who in gods name is going to save us .</p>
http://www.thejournal.ie/profile/123403/the-council-wants-government-perform-1631320/
Ryan Ash2013-09-26http://www.thejournal.ie/profile/123403/the-council-wants-government-perform-1631320/“The Council wants the government to perform a €3.1 billion adjustment in the Budget next month but as we know that is the subject of much wrangling among the coalition partners.”

Surely this is the main part of the story rather than the graph.

]]><p>“The Council wants the government to perform a €3.1 billion adjustment in the Budget next month but as we know that is the subject of much wrangling among the coalition partners.”</p>
<p>Surely this is the main part of the story rather than the graph.</p>